We upgrade TLG to an OUTPERFORM with a projected TSR of 17.8% despite only raising our target price 5% as the stock price has fallen 8.7% over the last two months. Our target price change mostly reflects our slightly more positive earnings forecast for 2018-2023, an increase in cash proceeds of VND350bn (USD15.2mn) from an upcoming private placement, lower WACC and DCF roll-over effect.